Pudgy Penguins token has rebounded in the past few days after crossing a crucial resistance level and as its NFT sales rose.
Pudgy Penguins (PENGU) price rose to a high of $0.01450 on Saturday, June 28, its highest level since May 23. It has jumped by 52% from its lowest point last week and 232% above its lowest point this year.
PENGU token jumped as third-party data showed that Pudgy Penguins’ non-fungible token sales bounced back in the past seven days. Data compiled by CryptoSlam revealed that these sales jumped by 38% to $1.5 million.
There were 68 transactions, up by 36% from the previous week. Similarly, the number of buyers and sellers rose by 48% and 32%, respectively.
Pudgy Penguins ranked as the tenth most popular NFT collection in this period. It was overtaken by other collections like CryptoPunks, PGNFT, STRAT Option, and Gods Unchained.
Additional data indicates that its monthly sales decreased by 33% to $5.6 million, resulting in an all-time volume of over $636 million.
PENGU price also jumped as whales and public figures bought during the recent dip, and exchange outflows rose. These public figures hold 301.7 million tokens, a 5.6% increase in the last 30 days. Whales hold 1.89 billion tokens, a 13% monthly increase, a sgn that they expect the price to keep rising.
PENGU price also jumped as the supply of these tokens plunged to 14.7 billion, down from 15.6 billion on June 12. A drop in exchange reserves is bullish for an asset because it is a sign that investors are not selling their tokens.
PENGU price technical analysis
The daily chart indicates that the PENGU price has rebounded over the past few days. This rebound happened after it formed a descending channel, which coincided with the higher highs and lower highs since May 14.
It has moved above the channel’s upper side and the 25-period Exponential Moving Average. The Percentage Price Oscillator has moved above the zero line, a sign that it is gaining momentum.
Therefore, the token will likely continue rising as bulls target the next key resistance level at $0.01742, the highest point on May 12. A drop below the support at $0.100 will invalidate the bullish forecast.
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